Presently available spade drills are subject to rapid dulling of the cutting edges so the cutter requires frequent sharpening, thereby increasing labor costs and downtime of a machine utilizing the drill. Additionally, the process of re-grinding requires skilled specialist in order to provide the proper rake angles. Conventional forms of prior spade drills are shown as, for example, in U.S. Pat. No. 2,400,856; U.S. Pat. No. 3,076,357 and British Pat. No. 1,270,068. The only approach towards providing a replaceable insert in a drill design known to applicants is that illustrated in U.S. Pat. No. 3,540,323 where carbide inserts are used in a drill structure. This approach, however, does not yield a balanced drilling device since the one carbide insert is located from the outside of the bore to a point approximately half way into the center of the radius of the bore and a second insert cuts the material from the center of the bore up to and beyond this half way point on the radius.